Last Updated: 30/01/2017
Tags: House Prices Expected To Rise In 2017
House prices in all parts of the UK are expected to see an increase according to the latest survey by RICS, Royal Institute of Chartered Surveyors. They state that although there was a slow down in property prices towards the end of the year in London, other areas experienced a rise in sales such as Wales, the South West, and the North of England. They have also said that they expect rents to increase by 5% per year over the next five years.
However the lack of fresh supply continues to hinder the property market, making December the tenth month in a row where there was no improvement on the flow of new properties coming onto the market.
Contributors said that looking further ahead the twelve months sales forecast remains largely unchanged with 32% of people anticipating a rise in property prices rather than a fall. In the North of England, the outlook was much brighter, respondents reported the strongest price growth compared to all other areas of the UK, with 55% of those people surveyed experiencing an increase in prices.
House prices and rental prices are expected to continue to increase, as lack of supply in the rental market continues to push up prices.
Simon Rubinsohn, RICS chief economist stated: ‘A familiar story relating to supply continues to drive both the sales and lettings markets impacting on activity, prices and rents,’
‘The eagerly awaited housing white paper should help to create a more positive framework for new build delivery but with the best will in the world, it is going to take time before the resulting uplift in the development pipeline begins to impact on the opportunities for either homebuyers or tenants,’ he pointed out.
‘The survey provides further evidence that both price and rent pressures are continuing to spread from the more highly valued to more modestly valued parts of the market for good or ill,’ he continued.
If you are looking to market your property this year why not pop into your local office of Hawes & Co for a coffee and a chat or give our team a call on 0208 9461000 for a free market appraisal
Source: Property Wire
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